When sportspeople record the speed of a pitch in baseball, they refers to its velocity. It is measured in miles per hour. When economists record the speed of a dollar, they refer to the velocity of money. It measures the
a. number of times per year each dollar is used to transact an exchange
b. rapidity of the dollar price of a good or the rate of inflation
c. number of times the price level increases during a year
d. time it takes a bank to convert a check into dollars
e. number of times per year each good, valued in terms of dollars, is purchased during the year
A
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Which of the following rise during a recession?
a) losses but not unemployment b) unemployment but not losses c) neither losses nor unemployment d) both losses and unemployment
A boss can type 200 words per minute and sell 2000 units of the company's product in one day. His assistant can type 150 words per minute and sell 1000 units of the company's product in one day. Discuss who has absolute and comparative advantages in the "production" of typing and selling.
What will be an ideal response?